If you’re looking to get on the property ladder in 2022, a great place to start would be with shared ownership. A government scheme that’s been around for a while, shared ownership has seen growing popularity in recent years and boosted the market while getting first time buyers on the property ladder sooner. Not only is it a great way to find your footing on the ladder but owning your own piece of the London property market as a first time buyer is now becoming a very realistic and achievable goal for many. Shared ownership comes with many benefits – but is it for you and what does it offer as one of the most popular housing schemes in the UK.

Low deposits

The most attractive part of shared ownership is likely to be the low deposits it offers. Shared ownership essentially means you buy a share in a property rather than the whole thing all at once. Therefore instead of paying that hefty 10% deposit after saving it up for half your life, shared ownership allows you to pay a deposit only on the share you wish to own. This means for 50% of a £200,000 you would pay a deposit on just £100,000 worth of this home. As deposits are usually between 5% and 10% you could pay as little as £5000 to secure 50% of that £200,000 property. This is great news if you’re looking for a shared ownership property in London but don’t have the funds for a £20,000+ deposit.

Manageable mortgages

Another key benefit for shared ownership is the smaller more manageable mortgages they offer. Shared ownership requires you to only obtain a mortgage for the share of the property you want to own minus the deposit, making being accepted for a mortgage a lot easier. Your monthly mortgage payments will also be considerably lower and while you don’t own the remaining portion of the property you just pay a small rent on this share. As the property is owned by the housing association that are often non-profit, it’s likely the case you’ll pay less per month than simply renting alone in the same area for the same size property. And whether you’re looking for shared ownership homes in Lewisham or shared ownership apartments in West Drayton, you can find something that will fit your monthly budget and future plans.

Sought after areas

One of the best parts about buying a shared ownership property is the fact you have way more access to highly desirable areas that may have you previously priced out of the market. With shared ownership homes in Brighton to shared ownership apartments in West London, there’s plenty of choice when it comes to deciding on just where you want to settle down. Shared ownership is designed to get first time buyers on the property market without having to compromise on the size or location of the home. And with many of these homes being new builds with bespoke interiors and brand new fittings, you won’t have to worry about repairs or changes when you move in. In fact repairs will be taken care of by the housing association for the first 10 years if you don’t own the entire property by then.

So if you want 2022 to be the year you move into your first property, you can make it happen with shared ownership. With plenty of housing portals offering this scheme you won’t have to look far for your dream home at your dream price.